Policies and Definitions
Academic status decisions, such as academic warning and suspension, are made independently of a student's financial aid status. Thus, standards of eligibility for financial aid may be stricter than standards of eligibility to remain at the institution. Individual schools and departments may have more stringent academic requirements than the minimum standards indicated in the catalog. Therefore you should check individual school and department listings for special academic status policies.
For our policies regarding the term, renewal and other conditions of your financial aid awards, see the related section of the undergraduate catalog.
For a detailed listing of expenses and official explanation of charges, see the related section of the undergraduate catalog.
For details about how financial aid is applied to your bill and our policy for the payment of your bill, see the related section of the undergraduate catalog.
For details about non-citizen financial aid eligibility, see the related section of the undergraduate catalog.
Detailed policies can be found in the related section of the undergraduate catalog.
Financial aid is usually terminated after eight semesters unless the course of study normally requires additional semesters. Financial aid for transfer students is terminated at the completion of the number of semesters the student's dean designates for degree completion when the student enters the College. Exceptions to these time limitations must receive the approval of the student's academic dean and the office of student financial services. A student retains financial aid as long as he or she meets the standards prescribed for satisfactory progress and program pursuit for each specific program from which the student receives funds.
For the detailed refund policy (for students leaving the College), see the related section of the undergraduate catalog.
Students who change housing or meal plans but remain at the College will receive refunds based on how many days into the semester they make a change.
Recipients of financial aid are required to report all financial aid awards received from outside organizations and agencies immediately upon receiving such assistance. The report may be submitted in writing to the office of student financial services using the “outside resource form.” Ithaca College reserves the right to change financial aid awards when students receive additional awards from any source.
We will redeposit checks that are returned by the bank, giving such checks another chance to clear the bank. No check will be deposited more than two times. Checks that do not clear will be charged back to your account and you will be assessed a $25 bad check fee per check. With second-party checks, the person endorsing the check will be charged the amount of the check, and the person writing the check will be assessed the fee. In addition to the $200 late fee, a $75 bad check fee will be imposed if you submit a tuition check over $500 that is returned. Repeat offenders may face judicial action.
Returned ACH online payments are subject to a $25 returned ACH fee.
Parents or guardians who have had two checks returned to the College will no longer be able to pay by personal check. Payment must then be made by cashier's check or money order.
No financial penalties or loss of privileges will be incurred if checks are returned because of bank errors, as long as the bank sends us a letter confirming its responsibility for the error.
We reserve the right to rescind the option to pay by personal check.
The Office of Student Financial Services reserves the right to revise your aid awards according to federal, state, and institutional policies and regulations. Your awards may be revised when there are changes in your originally reported information and/or when you receive additional outside aid awards (i.e. outside scholarships, tuition remission, pre-paid tuition plans).
You may notify us of outside awards by sending us the Outside Resource Form, downloadable via our website under “Downloadable Forms.”
We try to honor requests by the donors, if possible. Generally, outside aid will be treated as follows:
- First, it will be used to replace any unmet need in your package. Unmet need is the difference between your Estimated Family Cost to Attend Ithaca and our institutional calculation of your Expected Family Contribution (EFC). This is not the same as the Federal EFC.
- If the outside aid exceeds your unmet need, the outside aid will replace need-based loan sources (i.e., Perkins Loan and/or subsidized Direct Loan programs).
- Finally, if there’s still outside aid left, the remaining outside aid will replace existing Ithaca College need-based grants, rounded up to the nearest $50 increment.
Many families will use estimated income information to complete applications for financial aid. This is appropriate since the deadline dates for filing for financial aid are earlier than when tax returns are completed. We will compare your federal tax returns to your initial and/or subsequent FAFSA and CSS Profile information. Your award eligibility may change after this comparison. Should your eligibility change due to our review we will notify you in writing.
Ithaca College, as a participant in federal loan programs, is required to have a code of conduct applicable to the institution’s officers, employees, and agents. The code of conduct requirements are set forth in the Higher Education Opportunity Act (HEOA) signed into law on August 14, 2008. The Code of Conduct Related to Student Loan Activities is a requirement specific to certain transactions and activities related to financial aid matters. In addition, the law includes requirements related to publication of the code and annual disclosures.
Reason for Policy
The HEOA program participation agreement, which must be executed by all institutions participating in Title IV financial aid programs including student loan programs, requires a code of conduct with which the institution’s officers, employees, and agents shall comply. Such code must prohibit a conflict of interest with the responsibilities of an officer, employee, or agent of an institution with respect to such loans, and include the provisions set forth in the HEOA related to conflicts. The law further specifies that the code shall be displayed prominently on the institution’s website and that all institutional officers, employees and agents with responsibilities related to such loans be annually informed of the provisions of the code of conduct. Ithaca College is also adheres to the Student Lending, Accountability, Transparency and Enforcement (SLATE) Act.
Code of Conduct
Ithaca College hereby adopts the following provisions from the HEOA, Section 493 as its Code of Conduct Related to Student Loan Activities and will annually inform all institutional officers, employees, and agents with responsibilities for student loan activities and decisions of the provisions of this code. Note that where language in the law references financial aid office, it has been replaced with Office of Student Financial Services. Where New York State law under the SLATE Act is stricter than federal law inserts are in bold.
(1) BAN ON REVENUE-SHARING ARRANGEMENTS
(A) Prohibition -- The institution shall not enter into any revenue-sharing arrangement with any lender.
(B) Definition -- For purposes of this paragraph, the term ‘revenue-sharing arrangement’ means an arrangement between an institution and a lender under which --
(i) a lender provides or issues a loan that is made, insured, or guaranteed under this title to students attending the institution or to the families of such students; and
(ii) the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution, or an agent.
(2) GIFT BAN
(A) Prohibition -- No officer or employee of the institution who is employed in the Office of Student Financial Services, or an individual who has been assigned by the Ithaca College President with supervisory authority over the Director of Student Financial Services, or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.
(B) DEFINITION OF GIFT
(i) In General -- In this paragraph, the term ‘gift’ means any gratuity, favor, discount, entertainment, hospitality, loan, stock, or other item having a monetary value of more than a de minimus amount ($25 per year). The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, computer hardware, printing costs or services for which the recipient pays below-market value, payment in advance, or reimbursement after the expense has been incurred.
(ii) Exceptions -- The term ‘gift’ shall not include any of the following:
(I) Standard material, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy, such as a brochure, a workshop, or training.
(II) Food, refreshments, training, or informational material furnished to an officer or employee of an institution, or to an agent, as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of education loans to the institution, if such training contributes to the professional development of the officer, employee, or agent. Reimbursement of expenses to a covered institutional employee for serving on the board of bona-fide professional association recognized by the Commissioner of NYS Education Dept., related to student financial aid.
(III) Favorable terms, conditions, and borrower benefits on an education loan provided to a student employed by the institution if such terms, conditions, or benefits are comparable to those provided to all students of the institution.
(IV) Entrance and exit counseling services provided to borrowers to meet the institution’s responsibilities for entrance and exit counseling as required by subsections (b) and (l) of section 485, as long as --
(aa) the institution’s staff are in control of the counseling, (whether in person or via electronic capabilities); and
(bb) such counseling does not promote the products or services of any specific lender.
(V) Philanthropic contributions to an institution from a lender, servicer, or guarantor of education loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in exchange for any advantage related to education loans.
(VI) State education grants, scholarships, or financial aid funds administered by or on behalf of a State.
(iii) Rule for Gifts for Family Members -- For purposes of this paragraph, a gift to a family member of an officer or employee of an institution, to a family member of an agent, or to any other individual based on that individual’s relationship with the officer, employee, or agent, shall be considered a gift to the officer, employee, or agent if --
(I) the gift is given with the knowledge and acquiescence of the officer, employee, or agent; and
(II) the officer, employee, or agent has reason to believe the gift was given because of the official position of the officer, employee, or agent.
(3) CONTRACTING ARRANGEMENTS PROHIBITED
(A) Prohibition -- An officer or employee who is employed in the Office of Student Financial Services or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
(B) Exceptions -- Nothing in this subsection shall be construed as prohibiting --
(i) an officer or employee of an institution who is not employed in the institution’s Office of Student Financial Services and who does not otherwise have responsibilities with respect to education loans, or an agent who does not have responsibilities with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans;
(ii) an officer or employee of the institution who is not employed in the Office of Student Financial Services but who has responsibility with respect to education loans as a result of a position held at the institution, or an agent who has responsibility with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans, if the institution has a written conflict of interest policy that clearly sets forth that officers, employees, or agents must excuse themselves from participating in any decision of the board regarding education loans at the institution; or
(iii) an officer, employee, or contractor of a lender, guarantor, or servicer of education loans from serving on a board of directors, or serving as a trustee, of an institution, if the institution has a interest policy that the board member or trustee must excuse themselves from any education loans at the institution.
Violations of College policies, including the failure to avoid a prohibited activity or disclose a conflict of interest in timely manner, will be dealt with in accordance with applicable College policies and procedures, which may include disciplinary actions up to and including termination from the institution.
The policy for the College’s student contribution requirement, aid allocations from student employment and student loan liability can be found in the related section of the undergraduate catalog.
A student automatically forfeits financial aid when he or she withdraws, is suspended, or is dismissed from any program at Ithaca College. President’s; Dean’s; ALANA; Ithaca Recognition; school-specific, named, merit-based scholarships; and the Flora Brown Award are not renewed if a student withdraws from the College or returns to the College without an approved leave of absence. For leave of absence procedures, see the “leaves of absence, withdrawals, and readmissions” policy. All financial aid must be reapplied for under the usual guidelines for students who wish to return.
Ithaca College need-based scholarships and grants remain with the student regardless of transfer from school to school (within the College) as long as he or she continues to demonstrate financial need, maintains full-time status, and meets the College's standards for good standing and satisfactory progress for state and federal programs.
The federal government sets limits on the maximum yearly amount you can borrow in both subsidized and unsubsidized loans. You can have one type of loan or a combination of both. Because you can’t borrow more than your cost of attendance minus any other financial aid you’ll get, you may receive less than the annual maximum amounts. Also, the annual loan limits assume that your program of study is at least a full academic year.
|Year||Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)||Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)||Graduate and Professional Degree Student|
|First Year (0 - 29 credits)||$3,500 subsidized $2,000 unsubsidized||$9,500 total - No more than $3,500 of this amount may be in subsidized loans. $6,000 unsubsidized maximum||$20,500--unsubsidized loan maximum.|
|Second Year (30 - 59 credits)||$4,500 subsidized $2,000 unsubsidized||$10,500 total - No more than $4,500 of this amount may be in subsidized loans. $6,000 unsubsidized maximum|
|Third and Beyond (>= 60 credits)||$5,500 subsidized $2,000 unsubsidized||$12,500 total --No more than $5,500 of this amount may be in subsidized loans. $7,000 unsubsidized maximum|
|Maximum Total Debt from Direct Loans When You Graduate (aggregate loan limits)||$31,000--No more than $23,000 of this amount may be in subsidized loans.||$57,500--No more than $23,000 of this amount may be in subsidized loans.||$138,500--No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Direct Loans received for undergraduate study.|
New York State standards for the TAP program are maintained by the New York State Higher Education Services Corporation (HESC).
Eligibility requirements can be found on the related page of the HESC website:
Award amounts and income limits for TAP can be found on the related page of the HESC website:
Award amounts and income limits